The Saudi Al-Fanar Construction Company signed a memorandum of understanding (MoU) to establish a project to produce green hydrogen worth $3.5 billion in Egypt.
The project aims to produce 500,000 tons of green ammonia, which is used in agricultural fertilizers, from 100,000 tons of green hydrogen annually.
The project is among seven memoranda of understanding signed last week between Egypt and international companies.
Among these companies are Globelic and Actis, to set up facilities for the production of green hydrogen and green ammonia in the Egyptian region of Ain Sukhna.
Egypt, which will host the upcoming United Nations Climate Change Conference (COP-27), seeks to be one of the regional centers in the production of green fuels.
Egypt signed some memoranda of understanding in the past few months, including a memorandum regarding the establishment of a green hydrogen production facility worth eight billion dollars in the economic zone of the Suez Canal.
Al-Fanar is engaged in the establishment of projects for the generation and transmission of energy, including renewable energy.
The company is currently operating a 50MW solar power project at the Benban Solar Park in Aswan, southern Egypt.